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A Mumbai taxpayer has secured relief from a ₹17.41 lakh penalty after the Income Tax Appellate Tribunal (ITAT) held that an inadvertent filing mistake by a chartered accountant’s office, backed by a sworn affidavit, did not amount to misreporting of income. The dispute arose for Assessment Year (AY) 2017-18 after the taxpayer filed an original…
Finding the proverbial needle in the haystack of equity is every investor’s dream. While identifying long-term winners is never easy, experts believe India’s push to reduce external dependence could create a structural, multi-year investment opportunity for patient investors. The key, however, lies in looking beyond policy announcements and identifying companies that can convert government support…
The Supreme Court has ruled that compensation under the Motor Vehicles Act, 1988 cannot be awarded merely because a motor vehicle was connected to the events leading to a person’s death. Setting aside compensation awarded by the Motor Accident Claims Tribunal (MACT) and later enhanced by the Chhattisgarh High Court, the court held that claimants…
A successful career is incomplete without a proper retirement plan. To secure financial stability for yourself and your family in later years, salaried employees must adopt a disciplined and diversified savings strategy. The Employees’ Provident Fund (EPF) plays a central role in this process. How EPF contributions work Consistent contributions from employees Consistent contributions from…
Here’s a science story that sounds straight out of Greek mythology, except it’s real, and it’s about us. A new study by researchers at Lund University and the University of Sussex suggests that humans, along with every other creature with a backbone, may descend from a tiny worm-like animal that had just one eye, sitting…
With the July 31 income tax return (ITR) filing deadline approaching, Finance Minister Nirmala Sitharaman has asked the Income Tax Department to adopt a more taxpayer-friendly approach by allowing honest taxpayers to rectify bona fide errors while taking strict action against deliberate tax evasion. Speaking at the 167th Income Tax Day celebrations in New Delhi…
I have been recently shifted to UAE for short term. I want to invest in 5-year FCNR deposit after RBI’s recent announcement. However, I will be returning to India in another 3 years. After I become a resident of India, will the interest earned on these FCNR deposits become taxable? Further, on maturity of the…
When investing across asset classes such as stocks, bonds, debt instruments and Public Provident Fund (PPF), taxpayers must adopt a clear strategy to maximize returns and optimize tax savings. Contributing to a PPF account in your spouse’s name can be an effective way to build long-term savings while also claiming tax benefits, provided the investment…
The recent EPF reform has brought renewed attention to an aspect of the Employees’ Provident Fund that had long been overlooked. While the statutory mandatory contribution has always been linked to the prescribed wage ceiling of ₹15,000 ( ₹1,800 per month), many organisations continued contributing a flat 12% of higher wages for both employers and…
“That growth far outpaces the increase in corpus, membership or even the number of pensioners. India’s formal workforce is ageing, and the fastest-growing category of pensioners isn’t retirees but surviving spouses, whose numbers have risen 28% over the past five years. EPFO is gradually shifting from paying workers to supporting the families they leave behind,”…